Resolution professional gets 16 bids from 9 bidders to acquire HDIL

On Friday. Crisis-hit realty company Housing Development and Infrastructure Limited (HDIL), which is facing insolvency proceedings, told the media that its resolution professional obtained 16 bids from nine applicants to acquire the firm. In a regulatory filing, HDIL notified that the Resolution Professional of the company has obtained sixteen resolution plans from nine Prospective Resolution Applicants (PRAs). But, one of the applicants has presented the proposal without the requisite earnest money deposit as needed. The Resolution Professional is in the process of reviewing the resolution plans according to the conditions of the Insolvency and Bankruptcy Code, 2016, and Regulations framed thereunder. Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) according to the requirements of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appointed by National Company Law Tribunal (NCLT), Mumbai, via an order dated August 20, 2019. The Mumbai bench of NCLT had ordered to initiate insolvency proceedings against HDIL after permitting the plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm. Image Source Also read: Suraksha Group to acquire Jaypee Infratech through insolvency